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AmCham names new presidnet
Gus Sorenson, an executive with Lockheed Martin Global Inc. has been named American Chamber of Commerce in Taipei president for 2003. He replaces acting president Thomas McGowan.

Sorenson said he is committed to continuing AmCham's tradition of supporting free trade and economic liberalization.

The Lockheed Martin vice president previously served with the US Air Force, the American Institute in Taiwan (AIT) and Northrop Grumman.

He holds a bachelor's degree from the US Air Force Academy and a master's degree from the Fletcher School of Law and Diplomacy at Tufts University.

Sorenson has been an active participant in Chamber affairs for over a decade, serving as vice president, governor, co-chairman of the Government Relations Committee and member of the annual Washington Doorknock.

Philips to beef up Taiwan unit
Royal Philips Electronics NV, Europe's largest consumer-electronics maker, plans to move part of its optical-storage unit to Taiwan, the Wall Street Journal Europe reported, citing the company.

Under the plan to relocate the personal-computer part of the optical-storage business, 345 workers will be fired in Hasselt, Belgium; 45 will be offered jobs elsewhere in Philips's optical unit, the newspaper said.

China Motor to produce in China
China Motor Co (中華汽車) has received approval from Beijing to make sedan cars in China, company spokesman Danny Chuang said.

China Motor will start making Lancer passenger cars as early as the first quarter at Southeast Motor Co (東南汽車), a venture with the Fujian Province government, Chuang said. The Chinese plant will make 30,000 Lancer cars next year, he added.

"It's difficult to get that kind of permit from China, so the company has done well," said fund manager Karvin Huang.

MOF inspects holding firms
The Ministry of Finance is making the first annual on-site inspections of the country's 13 financial holding companies, a spokesman for the Bureau of Monetary Affairs said yesterday.

The spokesman said that the ministry and the central bank have produced an inspection manual to define the inspection categories as well as the procedures involved.

In addition to capital adequacy ratio, asset/liability management, cash flow, efficiency and operating performance, the supervisory activities will also cover capitalization of subordinates of the financial holding companies, the spokesman said.

Nanya Technology raises funds
Nanya Technology Corp (南亞科技) raised NT$7.7 billion (US$221 million) selling new shares to fund construction of a chip plant.

Nanya sold 350 million shares for NT$22 each, 19 percent less than Tuesday's closing price, to its employees and parent Nan Ya Plastics Corp (南亞塑膠), company spokesman Moor Chen said.

Nanya Technology needs money for next year's planned spending of US$490 million on equipment and plants. Nanya and Infineon Technologies AG, Europe's No. 2 chipmaker, last month said they will build a 2.2 billion euro (US$2.2 billion) plant to produce 12-inch semiconductor wafers.

NT dollar gains from yen rise
The New Taiwan dollar yesterday turned strong against its US counterpart in line with a higher yen. The currency rose NT$0.007 to close at NT$34.881 on the Taipei foreign exchange market.

Turnover was US$420 million, compared with the previous day's US$431 million.

Agencies
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